Rollins' scholarship-producing Alfond Inn beats projections

The Alfond Inn, a boutique hotel established by Rollins College a year ago to raise money for scholarships, is exceeding its income projections for 2014, the school said Wednesday.

The $32.5 million Winter Park hotel was projected to have net operating income of $1.9 million in 2014. But that figure is now expected to top $4.3 million by the end of the year.

"Business has been much better than anticipated, and the Alfond Inn has been fully embraced by not only the college but the Winter Park community," said Jeffrey G. Eisenbarth, Rollins' vice president for business and finance.

The inn was built to raise money for a scholarship fund for Rollins students. The endowment of the Alfond Scholars Program is expected to receive $3.2 million at the end of the year, after a loan payment is made. This year, $157,000 will be used for three full scholarships, but Rollins said that as the endowment grows, the college expects to award seven to 10 new scholarships a year from the Alfond Inn.

"The funding of the permanently endowed scholarship is a unique aspect of the hotel, and this long-term investment is quickly paying off for Rollins, which ultimately benefits students," Eisenbarth said.

The 112-room Alfond, at 330 E. New England Ave., has had an 88.6 percent occupancy rate, the college said. The Alfond, which is on the site of the old Langford Hotel, has 9,000 square feet of meeting space.

In April, the inn earned a four-diamond rating from the AAA auto and travel club. The designation, the second highest given by Heathrow-based AAA, recognizes hotels that offer guests top-notch services in luxurious settings.

The hotel was built using a $20 million loan from the school's cash reserve and a $12.5 million gift from the Harold Alfond Foundation. Harold Alfond, founder of Dexter Shoe Co., was a longtime supporter of Rollins and philanthropic causes. He died in 2007.

"My father had a strong fondness for Rollins, and this project would have been right up his alley," said Ted Alfond, a member of the college's board of trustees. "He was a businessman who liked entrepreneurial, creative ideas — and the Alfond Inn is both."